Infosys above Rs 9000 mark

MUMBAI, NOV 22: Infosys Technologies is slowly heading towards the Rs 10,000 mark on the stock markets. The software blue chip pierced the Rs 9,000 mark to Rs 9,190 on the Bombay Stock Exchange on Monday. The market capitalisation of Infosys also touched Rs 30,000 crore, thereby becoming the second largest in market cap after Hindustan Lever.

Index heavyweight Infosys led the rises of the IT sector and accounted for a chunk of the benchmark 30-share index8217;s gains, ending Rs 500 higher at Rs 9,190 in a volume of 167,910 shares. 8220;Infosys will cross the Rs 10,000 mark soon,8221; said a broker. At Monday8217;s price level, 100 shares of Infosys will cost Rs 9.19 lakh.

In market capitalisation, Infosys is, however, way behind Hindustan Lever which has a market cap of over Rs 50,000 crore. One reason for the recent jump in Infosys is the sharp rise in its ADR prices. Infosys ADR gained 18 to 228 amid on the Nasdaq Stock Market of the US. Each Infosys ADR represents half a local share. Infosys ADR commands apremium of over 100 per cent when compared to the domestic share price. Other software shares also jumped, pushing up the Sensex by another 53 points.